Do you Want to Be Happy While Practicing Law? Be a Tax Attorney
Just imagine being an attorney with more flexibility, less stress, and a lot of other benefits. It could be your life if you pursue studying tax law. As a matter of fact, tax attorneys are considered the most satisfied with their jobs compared to other law practice areas. In this article, you will get a closer look at the work that professionals might do as legal counsels specializing in tariff laws. We will also discuss some of the reasons, students need to consider studying this rewarding law school specialty.
Students will have greater stability
If there are taxes, tax lawyers will be needed, and like what Ben Franklin said, “There were only two things certain in life: death and taxes.” There is always a demand for tax law experts, and the services of these specialists will always be relevant all year round. These professionals will be very busy compared to other attorneys specializing in litigation and other transactional work.
Check out this site for more info about taxation.
While this area of the industry is not entirely immune to the flow and ebb of the economy. This part of the law industry tends to remain stable, even if the world economy faces uncertainty. Not only that, but tax reform has also always been a hot political topic in any country. The field is more likely to experience higher demand, no matter what the political or economic landscape may be.
It can also be more stable when it comes to emotional senses. The job is less stressful and emotional compared to other branches like family or criminal law. That is why if you are looking to avoid the stressful and dramatic side of the industry, studying this branch of the law might be the perfect choice for you.
There are a lot of job options
Every person on the planet is subject to tariff laws. It means that legal counsels specializing in this branch of the industry can find work in almost every employment sector. Specialists can work in both accounting and law firms, as well as with the state and federal government. They can also serve as in-house legal counsel for companies or businesses. Imagine how many jobs it can generate.
To find out more about the taxation system in the United States, visit https://www.businessinsider.com/a-beginners-guide-to-americas-tax-system-2011-4 for more details.
You will have a better personal life-work balance
Professionals in this line of work report more consistent and fewer hours compared to their professionals in other legal specialties. If you are in this line of work, the only busy time might be during tax season, from February to April. Experts also say that it can be a lot easier to take vacations in this industry. However, there is a big chance that you will have no time to take a vacation from February to April.
Money is not a problem
These professionals see consistent and robust earnings. According to statistics, the average yearly base salary for this type of legal counsel in the United States is at least $130,000. Granted, where they end up practicing will have a significant impact on their earnings. Working at a more established company or in a big city will drive up their annual salary dramatically.
For instance, if you are practicing in Boston, the projected salary for entry-level professionals is between $90,000 and $120,000. Although wages may not get as good as professionals practicing in other legal fields like criminal law, divorce, or litigation, if you factor in other desirable aspects of this job like stability, personal life-work balance, and flexibility in working hours, the tradeoff may be worth it.
You can actually make a significant difference
Taxation can make a significant difference, and we are not just talking about saving some money on tax returns. But it can be pretty confusing at times, and the professional’s guidance can help keep a business floating or the finances of certain individuals intact. Firms like Cumberland Law Group, LLC, also work for charitable organizations and supporting the administrative side of their mission.
You can also volunteer to work as a legal counsel for people who need legal representation when it comes to taxation. Finally, if a professional want to affect the taxation at a higher level, they could work with the United States Treasury Department, Internal Revenue Service, and other government entities.
You will do exciting and fascination work
It may not sound that exciting at first, but tariff codes have significant impacts on the economy, not just the United States, but all countries around the world. Even a minor change can have a substantial impact on people’s lives. As a legal counsel specializing in this kind of work, you will be the first line of defense for some of the most influential laws of the land. Their job can range from interpreting new laws to apply rules that are at least a hundred years old. In any event, these issues are fascinating, as well as of vital to their clients, to the country, and the economy.
There a lot of variety
There is more variety of taxation that you might imagine. From small and startup businesses to multi-billion, multinational companies to regular Joe across the earning spectrum, tax needs vary differently, depending on the counsel’s client. For instance, professionals might work with non-profit organizations to make sure that they are complying with state and federal tax laws and regulations so that they can keep their status.
To find out more about Federal Income Tax or FIT, click here for more info.
Or as legal counsel for private corporations, they might help companies choose the best retirement plans for their employees. They can also work as a litigator: On one side, legal counsels for the United States government that represents their interests; on the other hand, lawyers defending their client’s their tax position before relevant government agencies like the state and federal Department of Revenue or the Internal Revenue Services or the IRS.
A typical day for tax lawyers might involve working with other attorneys on their team, doing a lot of research, or negotiating with legal counsels representing the other side of the transaction. It might also involve preparing for a trial or hearing. They might work on their own or with a firm and handles multiple clients to get variety in their work environment.
Is it the right profession for you?
A lot of students get hooked on taxation after they come to law school. You do not need to have accounting skills or degree, or even a math wizard, to be in this line of work. But if you have a background in accounting or business and are considering applying for law school, taxation is an excellent way to marry your skills and interests.
Students can find good tax law programs by checking schools with expert faculty with tons of experience in taxation, tax-related extracurricular activities, as well as relevant clinics. It can also help if you look for school mentoring programs that will pair you with people with a lot of experience in this industry.